The NFT community is buzzing with anticipation as Machi’s bold Apecoin proposal, which has been shrouded in drama for months, finally reaches the voting stage today. If accepted, the proposal could redefine the way we look at NFTs, taking them out of digital wallets and into tangible, physical spaces: museums.
Tear down the Apecoin proposal
Machi’s proposal is centered around using a whopping 11,000,000 $APE to acquire a selection of monkeys, mutants and punks. The end goal? To exhibit these digital assets in museums and elevate their status from mere collectibles to recognized works of art.
A new governance token, aptly named $DAM, will be introduced following the acceptance of the proposal. The primary function of this token will be for “the selection and management of the NFTs.” To promote a sense of ownership and community participation, individuals will have the opportunity to secure their $DAM allocation by timelocking their $APE. This move appears to be a strategy to offset the potential selling pressure caused by the $11,000,000 stake.
The proposal ensures that at least 50% of the capital will be deployed within the first year, ensuring rapid implementation and realization of this ambitious project.
Additionally, the proposal includes a clause guaranteeing that there will be no direct NFT purchases from Machi, thus promoting transparency and keeping conflicts of interest at bay.
The market’s answer
The potential for an eight-figure capital influx into the market has been positively praised by many, including the original poster, who seems excited about introducing this new purchasing entity to their collection.
However, CirrusNFT’s comment sheds light on the humorous undertone of the situation. As the proposal is debated and analyzed, it appears that Machi is continually placing bids on it, reflecting the volatile and always entertaining nature of the NFT space.
The hilarious thing about this is that he continues to convert bids as you read this pic.twitter.com/nnePKZF7eg
— Cirrus (@CirrusNFT) September 13, 2023
TL;DR: Machi’s Apecoin proposal, which would use $11,000,000 to purchase NFTs and place them in museums, is up for a vote. If accepted, a new governance token $DAM will be introduced. Users can obtain $DAM by timelocking $APE. The proposal aims for rapid implementation, with 50% of the funds used in the first year. While the proposal is seen as an important step, some find humor in Machi’s continued bidding.